Time Shares - Know anyone who found a way out?

[Hisgirl]

Back in the 1980s, timeshare invites came constantly. "Come spend a couple of hours with us and we'll send you home with a clock radio telephone!" "Come dine and drink and spent two glorious days in the mountains, ON US!"

We went just for the fun, but never bought a time share. Some friends did. I've heard how you get stuck and the obligation doesn't even end once you die.

So I'm curious. Do you know any good time share stories of how it was the nightmare that wouldn't end? Do you know anyone who successfully got out?

 

[GAN]

What would happen if they were to stop paying? I'm assuming they only have maintenance fees left -of course they'd lose any money already invested. I'm thinking that they may not pursue someone especially if it's out of state ...not worth their money.

 

[White Cat]

Yes. A friend got his parents in law out if one. It’s a long story. But he was willing to spend a lot more money getting them out than the time share place was willing to spend fighting him back. Once the time share place figured that out they stopped. But it cost him a lot. More than most would have available to spend.

 

[barkley]

sold our disney back around '07 or '08 through a company. easy.

 

[tvguy]

Well, there are lots of law firms that specialize in getting people out of time share agreements, so it clearly is done.

 

[Kwami]

Well, there are lots of law firms that specialize in getting people out of time share agreements, so it clearly is done.

Many (perhaps most) of those aren't legitimate. There was an episode of Last Week Tonight about it recently.

 

[dcassetta]

They should look in their deed documents and see if there is something there about selling back to the company. My parents had a timeshare in Las Vegas, and they were able to return it to the company for a fee of about $1000.

 

[dcassetta]

sold our disney back around '07 or '08 through a company. easy.

I think selling DVC is not the typical time-share experience.

 

[tvguy]

Many (perhaps most) of those aren't legitimate. There was an episode of Last Week Tonight about it recently.

Never heard of that show, but I am sure there are good and bad law firms.

 

[Kwami]

Never heard of that show, but I am sure there are good and bad law firms.

Sure, but this particular industry seems to have an exceptionally high ratio of bad ones. There's actually another industry of lawyers that help you get out of your contracts with the lawyers that are supposed to get you out of your time share! It's all kinds of messed up.

 

[tvguy]

Sure, but this particular industry seems to have an exceptionally high ratio of bad ones. There's actually another industry of lawyers that help you get out of your contracts with the lawyers that are supposed to get you out of your time share! It's all kinds of messed up.

Too many lawyers. Watching the Noon news now and every other commercial is for a Personal Injury Lawyer!
And I keep getting postcards from law firms pursuing class action lawsuits against the company that made my SUV for transmission problems. No issues, so far, but it's still under the basic power train warranty so even if I did, they would pay to fix it!

 

[GAN]

Sure, but this particular industry seems to have an exceptionally high ratio of bad ones. There's actually another industry of lawyers that help you get out of your contracts with the lawyers that are supposed to get you out of your time share! It's all kinds of messed up.

Right... it takes unscrupulous attorneys to rid yourself of unscrupulous timeshare companies

 

[LuvOrlando]

I imagine a person without assets could make a lot of money as they near end of life and get a few make a wish sorts of trips in by permitting people to sell them their timeshare obligations.

I'd expect it would be a lot cheaper than a lawyer and it's perfectly legal to sell, isn't it?

 

[RamblingMad]

It’s a mortgage like transaction. I’m guessing you can strategically default on them if you don’t need to borrow in the foreseeable future. I’d find a real estate attorney to figure out possible exit strategies.

 

[Miffy]

Someone I know has one of these in-perpetuity timeshares that they want to get out of, so I helped them with some research that, frankly, they could have done for themselves.

Nevertheless, some--not all--timeshares like this will take the timeshare back from you for a fee. In the case of the people I know, the fee for the timeshare they have is $1,200. It seems like a lot, but compared to the dues they're paying, it'll be a relief to pay this.

A couple of interesting things I learned about their particular timeshare, which, btw, is in Orlando (it's not DVC):

1) It's worth nothing on the resale market. People cannot give their timeshares for this particular property away.

2) Every company that advertises they'll sell your timeshare for you for an upfront fee is a total scam. They know your timeshare is worth zero and they're just fleecing people.

OP, if you or someone you know has a non-DVC timeshare they want to divest themselves of, the first thing to do is to contact the timeshare itself and ask if they will take it back and how much that will cost. If the timeshare place will do this, it'd be a heckuva lot less expensive than hiring an attorney.

 

[RedAngie]

Here’s a thought:

Don’t sign time share contracts in haste. And live up to the agreement if you do.

 

[Christine]

No good stories. My FIL had two and somehow he managed to get out of them. I don't know how.

 

[GAN]

Here’s a thought:

Don’t sign time share contracts in haste. And live up to the agreement if you do.

Ugghh …what a party pooper! Live in haste once and a while and let the good times roll

 

[anjuan]

So my x-husband had one in Orlando (Orange Lake) before we were married. Thankfully, I never put my name on it and he actually wanted it in the divorce (which I was happy to let him have). He then had more financial issues so I think he stopped paying. He passed away so that was the end of it.

 

[bsmcneil]

If you haven't already, please watch this video about getting out (helpful to know, I would think, that many companies that say they'll get you out aren't necessarily helpful):